Capital city house prices are now sitting below their peak prices and further declines are likely, but some property commentators are sensing a collective easing in market sentiment.
“After months of gloomy headlines, consumers are tired of hearing the same old messages and with the absence of a major property price correction, a lot of buyers are simply moving on and purchasing property,” reports Property Tribune talking to BuyersBuyers co-founder Pete Wargent.
It says vendors can wait out the downturn, given Australia has almost full employment, and many owners have substantial equity and cash buffers built up.
So the market is proving relatively resilient.
Brisbane has seen a price drop on average, but in other areas prices for units and townhouses have risen.
“Naturally, we do expect lower borrowing capacity to impact some buyer cohorts, including first home buyers, some investors, and particularly upgraders who are really stretching themselves to buy the best home they can,” Mr Wargent said.
“But the doomsday scenarios favoured by some media outlets are looking increasingly unlikely.
“We’ve passed peak fear.”
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